Lawmakers in the House are set to vote on a tea party plan that raises the debt ceiling then cuts and caps federal spending, and forces the government to balance the budget.

It's expected to pass but, not in the Senate. But there may be a new bipartisan solution to the debt stalemate.

President Obama says it is time for lawmakers to hammer out a final deal on raising the debt ceiling.

Now, there may be a new option The so-called "gang of six" democratic and republican senators have reached an agreement to cut the deficit by more than four trillion dollars in the next decade .

That will be done through some tax increases and cuts to entitlement programs like Medicare and Medicaid.

But first, House members are voting on a tea party plan called "cut, cap, and balance."

It increases the debt limit in exchange for billions of dollars of immediate spending cuts and a constitutional amendment requiring a balanced federal budget.

Cut cap and balance has a slim chance of passing the democratic controlled senate and the president says he will veto the bill if it makes it to his desk, a move that is not sitting well with republicans.

Representative Steve Scalise says "The president I think has shown that he's not serious about addressing the problem of out of control spending."

Representative Jose Serrano says "This will not solve our nation's problems but devastate our economy and the most vulnerable in our society."

But President Obama may not even have to veto the Tea Party proposal clearing the way for the gang of six plan.

The President told reporters he expects more White House meetings in the next few days as August 2nd gets closer

There's another bipartisan measure floating around Capitol Hill as a possible fallback plan.

It gives the president the power to increase the debt limit so long as he outlines an equal dollar amount in cuts.